Mr. Nirav Choksi, CEO & Co-founder at CredAble
As India anticipates the upcoming budget announcement, Mr. Nirav Choksi, CEO & Co-founder of CredAble, has shared his insights on the budget’s potential impact on the Fintech sector, as well as more specific comments on MSME lending and Digital Lending. I’ve attached his full quotes for your reference and would be happy for you to choose any one of them that aligns best with your story angle.
Mr Piyush Bothra, Co-Founder and CFO, Square Yards
“As we enter 2025, real estate stands poised for crucial new reforms to drive its growth. A key priority is adjusting the affordable housing price cap beyond the current Rs. 45 lakhs to align with rising development costs in metropolitan areas. Another significant expectation is to increase the tax deduction limit on home loan interest from Rs. 2 lakhs to Rs. 4 lakhs, providing tangible relief to aspiring homeowners. Reduced GST rates will further enhance market vibrancy, creating a more accessible pricing structure. Finally, introducing tax incentives under Section 80C for investments in REITs can promote real estate as an attractive tax-saving avenue, drawing new investors to the sector. These measures have the potential to catalyse substantial demand, ensuring a stronger, more sustainable real estate market in the years ahead.”
Mr Shrinivas Rao, FRICS, CEO, Vestian
“Elevated borrowing costs amid sticky inflation led to a sharp rise in construction costs in 2024. These costs are expected to further increase on the back of supply chain disruptions due to increasing geopolitical conflicts. Amid rising costs and a demand slowdown, the real estate sector’s expectations from the upcoming budget are at an all-time high. Rise in tax exemption limit for housing loans, granting ‘Industry’ status, amendments in GST input tax credit regulations, boost in affordable housing sector by broadening the definition, and easing liquidity by policy reforms are some of the broad expectations from the upcoming Union Budget 2025-26.”
Mr Badal Yagnik, CEO, Colliers India
Budget 2025 is expected to build cornerstones to drive the next phase of elevated growth in Indian real estate with an ambition to reach USD 1 trillion by 2030. Transformative measures in the form of incentives & favourable polices to fuel infrastructure, economic and real estate development in tier 2 cities, technology-led infrastructure & growth corridors and incentivizing green building adoption will draw significant domestic and foreign institutional capital. Accordance of ‘industry’ status to real estate, standardization & extension of affordable housing benefits, streamlining and rationalization of GST levy across segments possess significant potential to drive heightened real estate activity across segments and geographies with better access to capital and single window clearance. While the simplification of tax regimes across individuals & corporates will continue to bring in efficiencies, drive entrepreneurial capital, retail investment; a concerted coordination between the country’s legal and financial framework will surely aid in improving ease of doing business.
Shivam Thakral, CEO of BuyUcoin, India’s second-longest-running digital asset exchange
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025, we at BuyUcoin hope to see big steps forward for India’s Web3 industry. The cryptocurrency sector has faced numerous challenges, particularly due to the high taxation imposed since 2022. We think the government will recognize the need for a more favorable regulatory environment, which includes lowering the current 1% TDS and 30% capital gains tax on virtual digital assets (VDAs) to levels that help the industry grow and come up with new ideas.
For 2025, we’d like to see policies that not only get people to invest but also bring talented folks back to India, helping Web3 startups thrive. The government can make the most of blockchain technology and decentralized finance by setting clear guidelines and changing tax rules. We believe that if the upcoming budget includes helpful measures, India can become a world leader in Web 3. This is an opportunity for the government to solidify its commitment to building a strong digital economy that benefits all stakeholders involved.
Anish Jain, Founder, W Chain
The upcoming Union Budget presents a critical opportunity to foster innovation and growth within India’s burgeoning Web3 sector. We expect the government to consider several key measures, including:
Clearer regulatory framework: A well-defined regulatory framework that encourages responsible innovation and fosters a conducive environment for Web3 businesses to thrive.
Tax incentives for R&D: Incentives for research and development in blockchain technology can drive innovation and attract talent to the sector.
Focus on skill development: Initiatives to upskill the workforce in blockchain and Web3 technologies are crucial for India to become a global leader in this space.
Support for Web3 infrastructure: Supporting the development of robust and scalable blockchain infrastructure, including high-speed internet connectivity and access to affordable cloud computing resources.We believe that a supportive regulatory environment and targeted policy measures can unlock the immense potential of Web3 technologies and position India as a global hub for blockchain innovation.
Specifically for W Chain, we expect the government to recognize the potential of blockchain-powered payment solutions in driving financial inclusion and boosting economic growth. We look forward to contributing to India’s journey towards becoming a global leader in the Web3 revolution.
Gracy Chen, CEO at Bitget
India’s stance on crypto regulation is being followed by nations worldwide. It is vital for the global crypto ecosystem’s growth and for the country’s dominance into becoming a financial and business hub. A balanced approach in the 2025 budget could provide immense potential for innovation and financial inclusion for crypto. Reducing the currently implied heavy taxations on digital assets can increase mass adoption and transparency for crypto. At Bitget, we see India as a key market for crypto growth, and regulatory clarity can help build an environment for secure and inclusive financial solutions around crypto. Collaboration between policymakers and industry leaders will be essential to ensure this sector thrives responsibly.
Mr. Harshvardhan Tibrewala, MD, Vida Realty
With the Union Budget coming up, the real estate sector is looking forward to reforms which will enhance the housing demand as well as its affordability. Increasing the interest amount limit for home loans under tax exemption from the present amount of ₹2 lakh to at least ₹5 lakh would make a great difference for the middle income homebuyers, especially in times like this since the housing sector would benefit as more people would be looking to buy houses. Improving the availability of real estate finance and introducing GST input credits could indeed work towards achieving the goal of reducing the cost of owning a house, which has become important in the wake of cities’ annual urban housing prices inflation of about 6-8%. Besides, earmarking at least ₹10 lakh crore for infrastructure development, as part of the envisaged ₹100 lakh crore investment plan over five years, will enhance connectivity and create new corridors of growth across the country thus improving the quality of life and the economic viability of the emerging cities.
Mr. Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship
With over 808 million individuals under the age of 35—comprising nearly 66% of its population—India holds a unique demographic advantage capable of propelling it toward becoming the world’s third-largest economy. As we approach the 2025 Union Budget, the government must prioritize initiatives that empower this vast youth base, aligning with the ambitious vision of Viksit Bharat by 2047. Economic revitalization must remain the cornerstone of national progress, with targeted measures to boost job creation, foster entrepreneurship, and incentivize investments across key sectors. Reviving manufacturing, supporting MSMEs, and expanding large-scale infrastructure projects can act as catalysts for economic resurgence, generating employment opportunities at scale. At the same time, strengthening digital and physical infrastructure is essential to sustain long-term growth. Enhanced investments in Digital Public Infrastructure (DPI), including the expansion of AI Centers of Excellence, smart cities, and high-speed connectivity, will position India as a global leader in technology and innovation. Bridging the digital divide through affordable access to devices and connectivity in underserved regions, coupled with improved transport and logistics networks, can ensure inclusive growth while enabling industries to thrive in a globally competitive environment.
Economic revival must go hand in hand with skilling and workforce development to harness India’s demographic dividend. The 2025 budget must reimagine skilling through dynamic reforms in apprenticeship programs, bridging the gap between education and employability. By integrating practical, industry-aligned training with academic curricula and aligning these programs with the National Skills Qualifications Framework (NSQF), India can create a job-ready workforce while boosting productivity. Special attention must be given to equipping the workforce with future-ready skills in cutting-edge fields like AI, robotics, and cybersecurity, ensuring relevance in a rapidly evolving job market. Furthermore, women’s workforce participation must be prioritized through flexible working models, childcare support systems, and financial incentives for employers to hire women, fostering a more inclusive labor force. A strong focus on lifelong learning, supported by e-learning platforms and smart classrooms, can empower individuals to continuously adapt to evolving industry demands. By integrating these strategies, the budget can lay the foundation for a skilled, resilient, and inclusive workforce, ensuring sustainable economic growth and turning the vision of Viksit Bharat into a tangible reality.
Mr. Andre Eckholt, Managing Director, Hettich India
Furniture industry eagerly anticipates its inclusion in the Production Linked Incentive (PLI) scheme. As Previously indicated by the finance minister for inclusion in the furniture industry, this move could modernize the sector, enhance exports, and align with the ‘Make in India’ initiative.
Inclusion in the PLI scheme would enable the industry to invest in capital expenditure (capex) and adopt advanced manufacturing technologies and know how. This modernization could reduce production costs and boost global competitiveness which would be complementary to the introduction of BIS in Furniture fitting sector. This would be a game-changer, modernizing and making Indian furniture a global brand.
We anticipate lower Tax rates of GST and income tax to enhance household savings of the public at large to drive consumer demand and industrial growth.
The sector hopes the Finance Ministry’s announcement will deliver on these expectations, paving the way for growth, innovation, and increased employment opportunities.
Gopal Jain, Managing Partner & Co-Founder, Gaja Capital, and Co-Chair of the Regulatory Affairs Committee, IVCA
“At the pre-Budget consultation with Hon’ble Finance Minister Smt. Nirmala Sitharaman, IVCA emphasized the need to build on the positive policy momentum from the previous Union Budget to further strengthen the Indian alternate capital ecosystem. Additionally, unlocking pools of domestic capital remains critical. By implementing these measures and modernizing regulatory frameworks, India can pave the way for a robust and globally competitive alternative investment landscape. We remain optimistic about the government’s continued support in the upcoming Union Budget.”
Mr. Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company
“As a key driver of India’s economic growth, the logistics industry anticipates The Union Budget 2025 to prioritize efficiency and innovation. Simplifying GST, accelerating multi-modal logistics parks, and incentivizing green logistics are essential to align with the National Logistics Policy.
While technology will continue to be the transformative power revolutionizing logistics operations and enhancing connectivity; it is equally important to focus on the training and skill development of aspiring professionals to remain competitive in the digital era.”
Saurabh Marda, Co-founder and Managing Director, Freyr Energy
“The Union Budget 2025 is a pivotal moment for India’s solar energy growth. Last year was a a landmark year for the residential solar sector. It witnessed unprecedented growth driven by the government’ PM Surya Ghar Muft Bijli Yojana. The focus should be on ensuring that sufficient domestic manufacturing capacity is there to fulfil upcoming demand. In addition to this, the entire process of loan evaluation and disbursal for residential solar loans should be digitised. Finally, the government should further streamline/standardize/digitize approvals to speed up system installation and grid connectivity timelines. A forward-thinking budget can provide the clarity and support for these items will go a long way in helping the section meet or even exceed its goals.”
Mr. Nikhil Mansukhani, Managing Director at MAN Industries
“India’s steel industry is on the brink of transformative growth, with domestic demand projected to rise by 9-10% in FY25. The National Steel Policy’s vision of achieving 300 million tonnes of production capacity by 2030-31 underscores the immense potential of the sector.
The upcoming Union Budget is a critical opportunity to introduce targeted measures that can accelerate this growth. Incentives for sustainable steel production, modernization of manufacturing facilities, and increased support for infrastructure projects could serve as game-changers. Additionally, policies that promote exports and improve logistics would further cement India’s status as one of the leading steel producers globally.
By fostering innovation and building capacity, the Budget has the potential to not only strengthen the steel sector but also drive growth across allied industries like energy, construction, and transportation. This would contribute significantly to India’s economic progress and global competitiveness.
In addition to that, India has launched an anti-dumping probe into imports of hot rolled flat products originating in or exported from Vietnam after complaints that they were being sold at low prices, hurting the interest of the domestic steel industry. If the Antidumping measures came into effect, certainly this will further strengthen the whole Steel Industry.”
Mr. Gaurav Parasrampuria, CFO, Magma General Insurance Limited
“In the upcoming Union Budget 2025 announcement, we remain optimistic about the government’s commitment to encouraging the insurance sector. We expect measures aimed at increasing insurance penetration, such as tax incentives for policyholders under section 80D and initiatives to reduce GST on health insurance premiums while retaining the benefit of input tax credit for the industry. These actions will make insurance more accessible to a wider audience as well as stimulate growth and innovation within the industry. In line with the government’s vision of ‘Insurance for All by 2047,’ we are hopeful for policies that will support this determined goal, ensuring that every citizen has access to adequate insurance coverage, securing their financial future.”
Jay Deepak Shah, CEO & MD, Jay Wood Industry
“As we enter 2025, the wooden pallet manufacturing industry is set for significant growth. India’s manufacturing sector is projected to expand at a compound annual growth rate (CAGR) of 4.8% between 2025 and 2030, driven by increasing demand for efficient and sustainable packaging solutions.
At Jay Wood Industry (JWI), we are committed to leveraging these industry advancements to deliver superior quality products and services. By embracing automation and sustainable practices, we aim to meet the evolving needs of our clients and contribute to the growth of India’s infrastructure.Looking ahead, we anticipate that the convergence of technological innovation and sustainable development will continue to shape the future of our sector. JWI is dedicated to staying at the forefront of these trends, ensuring that we remain a trusted partner in the pallet manufacturing industry.
Our vision for the future of green packaging in the wooden pallet industry is driven by a commitment to sustainability, innovation, and resilience. Over the next 5 to 10 years, we will redefine eco-friendly packaging by setting new industry standards and exceeding customer expectations.Central to this vision is deepening sustainability in every aspect of our manufacturing process. We will scale up recycling initiatives to ensure that a significant portion of our raw materials comes from recycled sources, creating a true circular economy. We’ll also focus on research and development to innovate packaging solutions that are sustainable and practical. Besides, we see technological advancements like automation and smart logistics playing a critical role.
As the demand for eco-conscious products grows, we are committed to forging strong partnerships with clients and stakeholders, leading a united movement toward a greener, more sustainable future for the industry. With strategic planning and a focus on innovation, we are well-positioned to capitalize on the opportunities that lie ahead.”
Mr. Arsh Mogre, Economist Institutional Equities, PL Capital
“Festive Cheer Boosts IIP Nov Growth to 5.2% India’s Index of Industrial Production (IIP) expanded by 5.2% YoY in November 2024, improving from 3.5% in October 2024, marking a sharp recovery after the disappointing Q2 FY25 average of 2.6%. While the improvement in annualized growth was supported by all the three, the manufacturing sector recorded the fastest pace of expansion (5.8% YoY), driven by infrastructure emphasis and construction demand. Consumer durables surged 13.1%, reflecting robust festive spending, while capital goods’ 9% growth signals a revival in private investments. 18 out of 23 manufacturing sub-sectors recorded positive growth, but key consumer-facing sectors like food products (-3.3%) and textiles (+3.8%) remain under pressure. The Nov-24 print for IIP offers moderate comfort, especially because it comes on the heels of a dismal performance in Q2 FY25 (that saw IIP clock a growth rate of 2.6% YoY). Consumer non-durables lagged at just 0.6%, the anticipated recovery in rural demand, supported by a healthy rabi sowing activity, should be supportive of consumer non-durables. At the same time, urban demand is likely to remain adversely impacted due to the lagged effects of past policy tightening. This could weigh upon consumer durables production. Secondly, rising input costs pose a significant challenge for industrial margins. WPI inflation is projected to rebound to 2.5% in FY25, reversing from -0.7% in FY24, driven by higher crude oil and commodity prices. Sectors like FMCG and building materials are already struggling to pass on these costs, as reflected in muted margin growth across key product categories, adding to the fragility of the recovery. Further, With President-elect Trump signaling aggressive tariffs on imports, India’s exporters could face indirect pressure as global supply chains realign. This adds to the challenges posed by weak global demand for industrial goods, further dampening the export-linked manufacturing outlook On net basis, the Nov-24 IIP data is an encouraging sign, but decisive action will be critical and all eyes will be on Union Budget 2025-26.”
Mr Tarun Gupta, Co Founder at Lissun (Mental Health Platform)
At Lissun, we view the 2025-26 Union Budget as a vital opportunity to reshape India’s mental health framework. We hope for increased funding in awareness, accessibility, and affordability, alongside integrating mental health into primary healthcare. Investments in digital solutions, incentives for innovative startups, and targeted skill development to address the professional shortage are essential. Key priorities include insurance coverage for mental health, enhanced research funding, and a national mental health database. We particularly emphasize increased support for early intervention programs for children with autism and neurodevelopmental challenges and expanding university courses to produce more qualified therapists. Additionally, incorporating mental health education into schools and workplace wellness programs is crucial. With these measures, the budget can drive meaningful progress in mental health care, innovation, and accessibility across India.- said Mr Tarun Gupta, Co Founder at Lissun (Mental Health Platform)
Srikanth Kandikonda – Chief Financial Officer, ManipalCigna Health Insurance
With the Hon. Finance Minister presenting the Union Budget in a few days, the health insurance sector stands at a pivotal moment where policy reforms could significantly transform the landscape of healthcare accessibility and coverage in India.
Healthcare costs are rising significantly and expected to double in six years, we urge the government to implement measures that can help make healthcare more affordable for all Indians. For a healthier Bharat, the outlay for healthcare spend has been proposed to be increased to 2.5% of the GDP by 2025 as per the National Health Policy. While India’s out-of-pocket expenditure has seen a decline from 64.2% 2013-14 to around 40% in 2021-22 as per the national health accounts estimate, we are still working towards our mission of achieving Universal Health Coverage. Hence, we request the government to increase outlay for public healthcare spend during this budget, as this is the need of the hour.
Given the rising healthcare costs and the need for higher sum insured cover, the government should reduce tax burden by increasing the limits under Section 80D of income tax for premium paid for health insurance to Rs 50,000 for all and Rs 1 Lakh for senior citizens. This is crucial for achieving the government’s vision ‘Insurance for all by 2047’ and would substantially reduce the financial burden on families investing in their health and financial wellbeing.
Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance
“Health insurance has emerged as a crucial safety net for Indian families, shielding them from unexpected medical expenses. According to the IBEF report, India is the 4th largest general insurance market in Asia and the 14th largest globally. Data from IRDAI’s annual reports reveals that health insurance has grown steadily at approximately 25% annually over the past three years, highlighting its importance in protecting households.
As India advances toward financial inclusivity and universal healthcare, Budget 2025 offers a pivotal opportunity to further strengthen the health insurance sector. Anticipated policy measures include enhancing accessibility, simplifying tax benefits, and encouraging innovation in insurance products. Initiatives such as Bima Sugam, designed to achieve the goal of ‘Insurance for All’ by 2047, are expected to receive regulatory and fiscal support to address the protection gap. Additionally, the budget is likely to focus on expanding access in underserved regions through government-private partnerships, targeted subsidies, and advancements in digital infrastructure. By fostering a conducive ecosystem, Budget 2025 can empower insurers to contribute to a healthier, more secure India, aligning with the vision of a Viksit Bharat.”
Mr. Rajiv Gupta, Managing Director, Wave City Limited
Real estate is one of the most critical sectors for building the momentum needed for the overall economic growth rate at 7% plus orbit. To keep the sector in the high growth trajectory, the government should provide incentives such as increasing tax deduction limits, rationalising the GST rate on under-construction properties to 5%, and introducing tax benefits for first-time home buyers. In addition, government should reduce the interest rate for home loan to stimulate the demand in the real estate sector, making housing more affordable and accessible to all”.